Mumbai’s richest Ganesh mandal secures record Rs 474 crore insurance amid soaring gold prices

The GSB Seva Mandal in King’s Circle, Mumbai’s wealthiest Ganesh mandal, has taken out a staggering Rs 474.46 crore insurance cover for this year’s Ganeshotsav, a significant jump from last year’s Rs 400 crore policy. The surge is attributed to the rising value of gold and silver ornaments adorning the deity, as well as the inclusion of additional volunteers and priests under the policy.

The New India Assurance-backed coverage spans multiple risks, including protection for gold and silver items, personal accident cover for staff, fire and natural disaster safeguards and public liability for devotees and infrastructure, according to a TOI report.

The mandal’s most valuable assets - 66 kg of gold and 336 kg of silver ornaments - are insured under an "all-risk" policy worth Rs 67 crore, up from Rs 43 crore in 2024. Gold prices have skyrocketed from Rs 77,000 per 10 gm last year to Rs 1,02,000 currently, driving the increased valuation.

The largest chunk of the policy, Rs 375 crore, covers personal accident insurance for volunteers, priests, cooks, security personnel and other staff. Meanwhile, Rs 30 crore is allocated for public liability, safeguarding pandals, stadiums and devotees. Fire and special peril coverage, including earthquakes, remains unchanged at Rs 2 crore, with an additional Rs 43 lakh policy for the venue premises.

GSB Seva Mandal chairman Amit Pai was cited by TOI as saying, "The increase in gold and silver valuation is largely responsible for the hiked amount. Volunteers and priests have been added as well." The mandal has not disclosed the premium paid, citing a non-disclosure agreement with the insurer.

The five-day festival, running from August 27 to 31, will see tighter crowd control measures, including an elevated entry system for donors. "We have appointed a separate agency for crowd management," Pai added, as reported by TOI.